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Senior ConsumersPublished by: Datamonitor Published: Apr. 19, 2002 - 67 Pages Table of ContentsEXECUTIVE SUMMARY Introduction Market context The future decoded Action points INTRODUCTION What is this report about? Who is the target reader? How to use this report Initial definitions MARKET CONTEXT Introduction Key findings The rationale for targeting seniors An obsession with youth Growth in the seniors market The revenue incentive to target seniors Marketing myths surrounding older consumers Market size Life expectancy Growth in the over 50s Market segments Lifestages and senior consumers The need for segmentation and understanding Important features of the over 50s market Needs of older consumers Changes upon retirement Understanding seniors’ purchasing behavior The lack of effective advertising Failings of traditional marketing and research processes The wider sphere of influence of seniors Conclusions THE FUTURE DECODED Introduction Key findings A high growth market, with specific needs Over 50s by age group Over 50s by gender Employment and the over 50s Over 50s by living arrangements More needs-based and emotional targeting The Internet will become both a marketing and sales channel Polarization in economic welfare will increase Social changes will open up new product opportunities Conclusions ACTION POINTS Introduction Key findings Develop more sophisticated research techniques Segmenting the population - the ideal matrix “Digging deep” into the needs and behavior of older consumers Make marketing and design processes inclusive of seniors Adopt specific rules when marketing to the over 50s Adopt a phased approach to targeting older consumers Conclusions APPENDIX Definitions Research methodology References SPP writing team How to contact experts in your industry © Datamonitor 2002. All Rights Reserved. AbstractSenior Consumers fills the void in current research relating to the over 50s. Marketers are continuously speculating about the potential of the “gray market”, but at present targeting of senior consumers is either bland, stereotypical or fails to meet the needs of these discerning people. With consumers over 50 set to increase in both number and spending power, the rationale of focusing by far the majority of effort (and marketing budget) on those under the age of 45 needs reassessing. Competition amongst manufacturers for these consumers is intense but with their numbers set to diminish in future the return on marketing expenditure will decrease. Furthermore, assumptions about the brand loyalty of older consumers are often wrong. Any marketer not targeting this group because “we get them anyway” is set to lose market share and revenues. Finally, the past and current behavior of the over 50s will be a poor predictor of the future. In order to provide insight into older consumers two distinct methods for the qualitative research were used: * Interviews with industry specialists - numerous senior (over 50) and retired marketing directors were interviewed across Europe. * Structured interviews with older consumers - interviews with older consumers were conducted to test theories, opinions and findings from other research.Get Full Details About This Report >> |
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